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Travel Insurance Market By Insurance (Annual Multi-Trip Insurance Policies, Single Trip Insurance Policies, Long Stay Insurance Policies) By Users (Senior Citizens, Business Travelers, Education Travelers, Backpackers) By Distribution Channel (Insurance I

08-14-2018 10:26 PM CET | Tourism, Cars, Traffic

Press release from: Genesis market insights

Genesis Market Insights

Genesis Market Insights

GLOBAL TRAVEL INSURANCE MARKET was valued at USD 24.09 Billion in the year 2017. Global Travel Insurance Market is further estimated to grow at a CAGR of 5.64% from 2018 to reach USD 33.47 Billion by the year 2023.

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AIG Travel Guard (U.S), AXA SA (France), Generali Global Assistance (U.S), USI Affinity (U.S), Travel Safe (U.S), Allianz Global Assistance (U.S) and Berkshire Hathaway (U.S.) are some of the key players in the Global Travel Insurance market. Better global reach at an operational level is the main reason the key players are holding substantial market share. Rising research and development expenses to satisfy the changing demands of end users, new product launches and organic growth strategies were few techniques adopted by various manufacturers in last 5 years.

North America region holds the highest market share in 2017 and Europe and Asia Pacific region is considered as the fastest growing market in the forecasted period due to growing travel & tourism market. At a country level, U.S., U.K, Japan & Australia holds the notable market share and is projected to grow strongly in the coming.

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Drivers:

• Growth in the tourism market
• Enhanced travel options and advance technological access

Restraints:

• Low penetration of insurance policies

Opportunities:

• Changing holiday purchasing patterns
• The rise of low-cost airlines

Challenges:

• The rise in travel to non-traditional destinations
• The popularity of the ‘staycation’ as a cheaper alternative

The segmentation is done on the basis of Type of insurance, by User, by Distribution Channel, and by Region. On the basis of types of insurance, the global Travel Insurance market is sub-segmented Annual multi-trip insurance policies, Single trip insurance policies and long stay insurance policies of which the Annual multi-trip insurance policies segment is expected to hold the highest market share during the forecast period due to rising popularity and high demand.

The segmentation done on the basis of users includes senior citizens, business travelers, education travelers, backpackers, family travelers, fully independent travelers of which the family travelers segment is expected to hold the highest market share during the forecast period. On the basis of a distribution channel, the market is segmented insurance intermediaries, insurance company, bank, insurance broker, insurance aggregator and others of which insurance aggregator is expected to grow at the highest CAGR during the forecasted period due to increasing internet usage globally.

Key Benefits for Stakeholders

• Travel Insurance service providers
• Travel agents and holiday package providers
• Research and Consulting organization
• Insurance Underwriting Agencies
• End-use industries
• Regulatory bodies, policy actors, and consumers.

By Insurance

• Annual multi-trip insurance policies
• Single trip insurance policies
• Long stay insurance policies

By Users

• Senior citizens
• Business Travelers
• Education Travelers
• Backpackers
• Family travelers
• Fully independent travelers

By Distribution Channel

• Insurance Intermediaries
• Insurance Company
• Bank
• Insurance Broker
• Insurance Aggregator
• Others

By Region

• North America
• Europe
• Asia-Pacific
• RoW

Key Market Players

• AIG Travel
• AXA SA
• Allianz Global Assistance
• Munich RE
• Generali
• CSA Travel Protection
• USI Affinity
• Seven Corners Inc.
• American Express Company
• Berkshire Hathaway Specialty Insurance
• Travel safe

(A brief overview of 13 companies is also provided)

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About Us:

Genesis Market Insights (GMI), is a subsidiary of Genesis Management & Market Research Pvt.Ltd. (GMMR) having a strong experience both in primary and secondary market research serving small to large scale enterprises across globe. Established in 1993, GMMR has become a recommended brand for Market Research for various international and MNC Corporations with its strong data foundation. With its exhaustive research capabilities, strong analytics services and in house data validation tools, GMMR has delivered actionable, reliable and all-inclusive Market Research Reports. GMMR is growing strongly for last 2 decades with most of the clients providing repeat business for their trust on the data quality and recommendations for decision making.

Contact Us;

Genesis Market Insights (GMI)
902 Broadway, 6th Floor,
New York, NY 10010
(212) 634-4560
Mail us at: info@genesismarketinsights.com
Website: www.genesismarketinsights.com

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